As 2014 begins a bureau created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, The Consumer Financial Protection Bureau (CFPB), will set new rules concerning mortgages. Lenders will be required to verify and inspect borrowers’ financial records. The rules discourage lenders from allowing borrowers to carry total debt payments totaling more than 43 percent of the person’s annual income.
Posted on 29. Jan, 2014.
A recent report by Dallas based-research firm Axiometrics lists the top 10 metros with the highest occupancy rates. According to the report, three metro...
Posted on 17. Jan, 2014.
Zillow, Inc. has partnered with AOL Real Estate and is now powering the site’s home shopping experience. Zillow is now the exclusive provider of...
Posted on 19. Feb, 2014 by Mary Girsch-Bock.
First, let me confess that I love Excel. Having used Excel for years, I’m fully aware of its strengths, and will continue to use it to create spreadsheets, graphs, and tables. But for some unknown reason, there is a small group of property managers that continue to extol the benefits of using Excel as their primary accounting software.
Housing affordability isn’t looking too promising as 2014 begins. If you listen to the National Association of Realtors the opportunity to be a homeowner hasn’t been this affordable in a long time. If you review Figure 2 below you’ll get the impression that American housing is now extremely affordable and the typical household can easily make the monthly mortgage payment on a home. Thanks to historically low interest-rates, fixed rate mortgages have become more affordable for some American families and many analysts expect that this cheap credit will fuel another housing boom.
Posted on 29. Jan, 2014 by Alex Osenenko.
Google+ is an Internet marketing tool that you can use to grow your property management business. If you’ve never used it before, think of it as an updated and digital re-creation of the yellow pages. It provides the same service to a local business by providing a category and a specific location for what you do and where you are. When your property management business is on Google+, anyone searching for a company like yours in your area will be able to find you.
Posted on 17. Jan, 2014 by Marc Courtenay.
The year 2013 will go down in the record books as a good year for both owners and managers of residential income properties. As I wrote recently in an article titled, It’s Tough to Afford to be a Renter These Days, “Housing affordability doesn’t look too promising as 2014 begins. If you listen to the National Association of Realtors the opportunity to be a homeowner hasn’t been this affordable in a long time.” If you’re looking to sell a home, 2014 may be a good year though probably not as good as 2013. But if you’re looking to buy, 2014 will likely be a better year than 2013.
Did you know that a recent industry survey determined that 1 in 4 renters do not receive their security deposit back after vacating a rental unit? Though reasons varied, one statistic in the survey clearly stood out – nearly 36 percent of renters claimed that they never received a reason why their deposit was withheld. Their deposit simply wasn’t returned – an act that is illegal in almost every state.
Posted on 20. Dec, 2013 by Jamie Sternberg.
The federal Residential Lead-Based Paint Hazard Reduction Act applies to residential property built before 1978. It imposes the following duties on owners.
Posted on 16. Dec, 2013 by Marc Courtenay.
Has the housing market begun to plummet due to rising interest rates? Are rental housing values about to crash? Those who read my articles know I’m frequently asking the questions that rental property owners and managers should also be asking. The answers are vitally important during these uncertain economic times. As of November 27, 2013 the yield on the 10 year Treasury bond sits at 2.74%. This is the benchmark interest rate impacting home mortgage rates, and it’s been stuck around this level for months.
Posted on 09. Dec, 2013 by Stephanie Vernon.
Choosing the right property management software can seem overwhelming for many property managers. Because you don’t do it very often, you may not even really know what new features to look out for when evaluating a software solution.
With one winter storm already recorded in the books; there’s no doubt that it’s getting cold. Today in the desert southwest it’s a balmy 27 degrees. Even a sub-tropical paradise is no longer immune to the effects of a winter storm. In a typical season, winter storms can wreak havoc, causing billions of dollars in damages.
Posted on 21. Nov, 2013 by Leonard Baron.
When you own real estate – whether an investment or a personal residence – you should procure the proper type and dollar value of insurance needed for your property. Unfortunately, many people don’t understand the basics of how insurance coverage works, and many individuals just want to spend “as little as possible” on insurance. The trouble comes about when there is an problem, like a fire, slip-n-fall, or lawsuit. If you don’t have the right type of insurance, nor enough coverage, it could end up costing you a lot of money. So let’s go over the basics herein, plus we’ll discuss renter’s insurance basics and tenant liability insurance basics too.
Posted on 19. Nov, 2013 by Bryan Ives.
Many property management companies are quickly moving their business operations to the cloud. In this complimentary eBook, we cover what cloud computing is, how it can help your business grow and why so many property management companies are using cloud-based software.
Posted on 18. Nov, 2013 by Marc Courtenay.
If you’re a potential buyer or a former owner, you’re darned if you try to own and darned if you’re currently an owner. Unless you own a rental home or a multi-family residential income property, the days of buying a house and expecting the price to automatically rise with demand aren’t here yet.
When experiencing an uptick in vacancies, most property managers ask themselves what could be causing their resident to leave. Without asking former tenants directly (or waiting for a bad review) how can you discover the reason for their discontent?
One of the most frequent complaints I here from property owners who don’t live in the same area as their properties is how hard it is for them to find a trustworthy, dependable property manager. “Why is so difficult?” I usually reply. The owners often answer that it’s been there experience that when the property management firm knows you’re not local (and especially if they’re from out-of-state) they don’t give them the same level of service.
While most of us enjoy our job, and wouldn’t dream of trading it for another; there are some things that most property managers absolutely hate to do. While we love meeting new people and enjoy helping them find their perfect home, there are some things that go along with the job many of us hate doing.
Posted on 04. Nov, 2013 by Bryan Ives.
Learn how your property management business can get more exposure on social media in our latest complimentary eBook, “Expert Advice: Social Media Secrets For Property Management Professionals.” In this eBook, you will learn how to approach critical Yelp reviews, the best ways to be found on Pinterest, how to bring value to your Facebook page and much more.
Admittedly, Halloween is one of my favorite days. While serving as the gateway to the upcoming holiday season, Halloween is a day when we can let our inner child out to play. Ghosts, goblins, witches (my personal favorite) and vampires are found everywhere you look. What a great way to spend the day.
While email use is common and is growing faster than “snail mail”, the California legislature does not generally recognize email as a valid delivery method for most formal communications provided by California residential landlords to tenants . California law requires other delivery methods for most formal California residential landlord communications.
At the 2013 NARPM Convention in San Diego, we sponsored visual note taking. Graphic Recorder, Stephanie Crowley, captured the content of the presentations in real time with amazing illustrations and text.
In the real estate game, when we are talking rental properties, one of the most important things that will help you earn more money is long term tenants. The longer the tenant stays, the lower the number of unit turnovers you will have. Turnovers cost money! So as owners, we should do everything possible to keep our tenants – and yes, occasionally there is a bad one we might unfortunately have to “fire” and let vacate! So, let’s talk about a few ways to help the cause!
Posted on 15. Oct, 2013 by Jennifer St. James.
All across the country, a disturbing trend for property management has emerged. What was once a perfectly safe method of rent payment has now become a target for criminals. Are you still asking tenants to deposit their rent checks into a dropbox? Are you thinking it’s a safe option, because you have security cameras?
Posted on 10. Oct, 2013 by Marc Courtenay.
As I’ve anticipated for weeks the Federal Reserve said on September 18th that it would continue buying bonds at an $85 billion monthly pace for the time being. The Fed is concerned that a sharp rise in borrowing costs in recent months could hurt the housing market as well as the rest of the economy.
Posted on 04. Oct, 2013 by Leonard Baron.
When one wants to value property, like an apartment building, to get a feel for what it is worth, there are two different commercially recognized valuation approaches that are used. The first one is the comparable market approach analysis (CMA), which is used both for single unit residences and multi-unit properties. The second valuation approach is called the Capitalization Rate Valuation, or “Cap Rate” and it is used primarily for income producing multi-unit and other commercial properties.
Posted on 30. Sep, 2013 by Sara Thompson.
You already know that you, as a landlord, have a legal obligation to provide your tenants with a safe and secure property. This can usually be accomplished by making sure that every door and window has a working lock, and there is adequate lighting around the exterior. However, even if your property is safe and secure if the neighborhood is sketchy potential tenants will continue to avoid it.